Fact find template BUSINESS PROTECTION. Contact details. Protection Business Menu

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Cecily Welch
8 years ago
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1 BUSINESS PROTECTION Fact find template This fact find template will help you to understand more about your client s business and provide an opportunity for you to ask them where the money would come from if the worst were to happen. This template is not designed to be a full business fact find, but to focus on the information an adviser would need to establish the protection needs of a business. Royal London is not responsible for any recommendations made as a result of using this template. You should use this template within your normal compliance processes. Contact details Business name Registered number Business type Sole trader Traditional partnership Limited liability partnership Limited company Address Postcode Telephone Fax Website Protection Business Menu Contact 1 Name Telephone Contact 2 Name Telephone

Royal London is not responsible for any recommendations made as a result of using this template. You should use this template within your normal compliance processes.

2 Background information How and when was the business started? What is the principal activity? What is the exit/succession strategy? Are there any expansion plans? Are there any other associated businesses? Significant assets/premises Are the premises Leased Owned Date acquired Current value Additional information Lease Property 1 Property 2 Property held in SIPP Cash Shares in other companies Other assets Page 2 of 12

Are there any other associated businesses?

3 Background information continued Financials Turnover Gross profit Net profit before tax Profit after tax Dividend Number of employees Value of the business Who calculated value? Year end date Debts Outstanding amount Start date % rate Interest only/ repayment Lender Security given Life cover Loan 1 Loan 2 Loan 3 SIPP or SSAS loans Debentures Outstanding amount Facility % rate Lender Security given Life cover Overdraft Director or partner loans List under owner s details Planned loans Articles and agreements What are the succession provisions in the articles, or shareholder or partnership agreement on death or long-term sickness? Are these in line with owners wishes? Is there a share purchase agreement? Yes or no If so: Is it fixed or market value? Is it an option or binding agreement? Page 3 of 12

rate Lender Security given Life cover Overdraft Director or partner loans List under owner s details Planned loans Articles and agreements What are the succession provisions in the articles, or

4 Background information continued Ownership and key personnel Life 1 Life 2 Title First name Surname Sex Date of birth Smoker (yes or no) Telephone PAYE earnings Dividends Benefits in kind Total remuneration Position Why is this person key to the business? What do they do? Is there a successor in place? What effect would their loss have on the business? How much gross profit do they contribute? How long would it take the business to recover? What replacement costs would there be? Are there any director or partner loans in place? Is life cover in place to repay the estate? Shares or share held % % Non-voting shares % % What will happen to the shares or share held on death? Do they have a will? How will the remaining owners be able to buy the shares or share held? How will the estate get fair market value? Are there any other business interests? Page 4 of 12

How much gross profit do they contribute? How long would it take the business to recover? What replacement costs would there be? Are there any director or partner loans in place?

5 Background information continued Ownership and key personnel Life 3 Life 4 Title First name Surname Sex Date of birth Smoker (yes or no) Telephone PAYE earnings Dividends Benefits in kind Total remuneration Position Why is this person key to the business? What do they do? Is there a successor in place? What effect would their loss have on the business? How much gross profit do they contribute? How long would it take the business to recover? What replacement costs would there be? Are there any director or partner loans in place? Is life cover in place to repay the estate? Shares or share held % % Non-voting shares % % What will happen to the shares or share held on death? Do they have a will? How will the remaining owners be able to buy the shares or share held? How will the estate get fair market value? Are there any other business interests? Page 5 of 12

6 Existing cover Key person cover Life 1 Life 2 Under a business trust? Loan cover Under a business trust? Personal cover Under a trust? Page 6 of 12

7 Existing cover continued Key person cover Life 3 Life 4 Under a business trust? Loan cover Under a business trust? Personal cover Under a trust? Page 7 of 12

8 Existing cover continued Partnership or ownership cover (if applicable) Life 1 Life 2 Under a business trust? Life 3 Life 4 Under a trust? Employee benefits (if applicable) If no group life cover is in place, how do they protect their families? Benefit Member class and numbers Start and review dates Annual premium Page 8 of 12

Employee benefits (if applicable) If no group life cover is in place, how do they

9 Summary of priorities 1= high 5 = low Amount What are the business priorities? Key person cover Loan cover Ownership cover Death in service Income protection Other Page 9 of 12

10 Other information Page 10 of 12

11 Other information Client Signature Date D D M M Y Y Y Y Adviser Signature Date D D M M Y Y Y Y Page 11 of 12

12 Royal London 1 Thistle Street, Edinburgh EH2 1DG royallondon.com All literature about products that carry the Royal London brand is available in large print format on request to the Marketing Department at Royal London, 1 Thistle Street, Edinburgh EH2 1DG. All of our printed products are produced on stock which is from FSC certified forests. The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number It provides life assurance and pensions. Registered in England and Wales number Registered office: 55 Gracechurch Street, London, EC3V 0RL. Royal London Marketing Limited is authorised and regulated by the Financial Conduct Authority and introduces Royal London s customers to other insurance companies. The firm is on the Financial Services Register, registration number Registered in England and Wales number Registered office: 55 Gracechurch Street, London, EC3V 0RL. November 2015

All of our printed products are produced on stock which is from FSC certified forests.

Financials. Articles and agreements. Professional advisers

Financials. Articles and agreements. Professional advisers Financials Financials for the last 3 years Year Year Year Turnover Gross profit Net profit before tax Profit after tax Dividend No. of employees Value of the business Who calculated value? Year end date